STARTING A BUSINESS: EXPECTATIONS VS REALITY
In this article, Ayoluwa gives us some more tips for business registration (hopefully you are not fed up of the tips yet, but honestly, it`s a lot of information, you should just go ahead and let Ayoluwa and Shopforme Purchasing Services register your business for you ).
Ayoluwa has been running her business now for 3 years and below she shares some of her experiences as a business owner.
This article is also the first “Subscription” article; part of the article is free, and part of it you have to pay to unlock.
By becoming a paying subscriber of the Business Channel you will be privy to VIB (Very Important Business) Content and access to some special Webinars I will be hosting all relating to Business Development.
Are there any insider tips that you can share about registration from your experiences, or any mistakes to avoid?
Business Registration Tips:
1) Research the different business entities before registering your Business so you can make an informed decision.
2) Forms are not available at MoLA offices but are available on the Ministry website under Companies Registry.
3) Have forms completed as much as possible before approaching the counter to save time. If you do not know the appropriate response for a question, seek directive from the information desk.
4) Use one colour ink (black or blue) to complete forms.
5) Sign all forms in accordance with the signature on the form of Identification you will be providing.
6) Do not use any abbreviations when completing forms. Write out the entire word. Even when writing addresses.
7) To speed up the process, when collecting your name approval, walk with completed registration/ incorporation forms, ID and fees. If the name is approved you can put in the registration/ incorporation then and there.
8) Do not print any business paraphernalia, set up social media accounts or engage in any such business related documents until you are fully registered.
9) Once your Business name is approved, complete the registration by the due date highlighted on the name approval form. Failure to do so will result in your name no longer being reserved and there is no guarantee that once you do an extension or reapply, that you will receive approval a second time.
10) Do not laminate your Business registration/ incorporation certificate. It will become invalid.
11) Note that changes are allowed to be made at any time to any aspect of the registered Business such as name, change of proprietor, change of directors, change of address, change in the nature of the Business and more.
Tell me about your company Shopforme Purchasing Services.
Shopforme Purchasing Services is an errand service/ delivery service that caters to individuals and businesses alike. Founded in March 2016, we have been successfully providing quality errand/personal assistant services nationwide to a wide array of clients. The goal of Shopforme Purchasing Services is to take the hassle away from our customers by performing various tasks on our clients’ behalf, gifting them the time to focus on the more important aspects of their lives or businesses. Shopforme Purchasing Services offers convenience, support, reliability and trustworthiness in the execution of those endless personal and business errands/tasks.
We operate as an online business and go to our client’s location to collect and deliver packages which include but are not limited to documents, products and meals.
Having been in business for three years, what is some advice you would give to persons thinking of starting a business?
Having been in business for the last three years, the best advice I can give someone starting a business is to have a goal, implement a mission an objective and a vision of where you want your business to go. Research, plan and seek expert help for the areas which you may know little to nothing about. You cannot do it all by yourself. Mentorship in business is very important. If you cannot afford professional help, the internet provides tons of free resources and advice from successful entrepreneurs who have been through what you are about to do. Invest in yourself. Read, learn and focus on your personal and professional development.
Last but not least, find a group of like minded individuals; this will assist with your growth. It’s ok to rely on the advice of others but believe and trust in yourself, your gut, your instincts and believe in yourself and what you are about to do. Stay away from negativity. There is no one right path. One size does not fit all in this case so innovate and be creative.
What sorts of things would you suggest individuals consider BEFORE starting a business?
When I first got into business, I was thrilled and excited!! No boss! I will work for myself and on my time! My plan was to hit the gym, sit on the beach and sip on margaritas while my business made me rich. I anticipated focusing on doing all the things I wanted but never had the time to do while working in corporate! On the contrary, I actually now have several bosses, they are called clients. My luxurious days on the beach have been replaced by managing tasks and constantly outing fires, establishing and maintaining systems to ensure my business is running efficiently and my clients are satisfied.
Don’t get me wrong, running your own business is fully rewarding. Seeing your vision come into fruition and knowing that you are fulfilling your purpose and adding value to your clients is the most thrilling and fulfilling feeling…..but it requires a lot of work! A lot of commitment! You must be consistent and you must be willing to sacrifice to achieve the success you desire.
It is not always going to be a day at the beach…..most times it isn’t! Entrepreneurship is filled with exuberating highs and devastating lows. Be prepared! Be committed !
You will work harder than you ever worked at any job…..and you will not mind because it’s worth it because you will be doing what you love.
Under what circumstances would you be wary of someone starting a business?
Starting a business with little to no capital and no plan on how this will be acquired.
The internet is flooded with ideas of business you can start today with little to no capital. Realistically, running and maintaining a business requires some type of cash investment. In 2016, having left my job with no income and mounting debt, I attempted to start two businesses. It was frustrating and stressful to say the least! 1) Emotionally I could not focus my attention fully on building my business while drowning in debt. 2) I could not comfortably implement and grow because I did not have the finances needed to do so.
In the next article: Ayoluwa talks about some of the biggest challenges she has overcome in business and what she would do differently if she had to start her business again.
Did you find this article beneficial? Press the “LIKE” button at the bottom of this page. n